Higher interest rates revisited: What sectors might benefit?

We dealt with the rise of interest rates in last week's publication and analyzed its effect on the stock markets. In view of the further advance of yields, we have decid-ed to focus on the topic again in this issue. In particular, US government bonds suffered relatively large losses in the past week, but emerging market bonds also regis-tered price declines again. If we express the price devel-opment of top global bond indexes over the last few months in terms of standard deviations, most markets are at about minus two standard deviations.